BRAC Bank Earnings Disclosure Q3 2018

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Freedom Fixed Deposit (FFD)
Abiram Fixed Deposit
Unit Fixed Deposit
Non-Resident Foreign Currency (NFCD) Account
FAQ's
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FAQ » Term Deposits & Foreign Currency Account
Term Deposits
What is Fixed Deposit General?
Fixed Deposit General is a non-transactional account that gives interest and principal at maturity. Minimum amount required to open a General FD account is BDT 10,000. FD General can be opened for 1/3/6/12/24/36 months. Interest is paid on maturity; calculated at 360 days, as per the Interest Rate Matrix. This account is available on a roll over basis until the customer authorizes its closure. Government Tax as per prevailing Bangladesh bank Guideline shall apply to the interest amount.
What is Freedom Fixed Deposit (FFD)?
Freedom Fixed Deposit is a non-transactional account that gives interest quarterly to the link account (i.e. saving/current account) automatically. Minimum amount required to open a FFD account is BDT 10,000. FFD can be opened for 6/12/24/36 months. This account is available on a roll over basis until the customer authorizes its closure. Interest is paid on a Quarterly basis after adjusting for Government tax as per prevailing Bangladesh bank Guideline on the interest amount, as per the Interest Rate Matrix.
What is Abiram Fixed Deposit?
Abiram Fixed Deposit is a non-transactional account that gives interest monthly to the link account automatically. Minimum amount required to open the Abiram FD account is BDT 10,000. Abiram FD can be opened for 12/24 months. This account is available on a roll over basis until the customer authorizes its closure. Interest is paid on a monthly basis after adjusting for Government tax as per prevailing Bangladesh bank Guideline on the interest amount, as per the Interest Rate Matrix.
What is Interest First Fixed Deposit (IFFD)?
Interest First Fixed Deposit is a non-transactional account that a customer uses for interest earning in advance and savings purposes. The unique feature of this product is that interest is given first at the time of opening. Minimum amount required to open the IFFD account is BDT 10,000. IFFD can be opened for 3/6/12 months. Interest (after adjusting for Government tax as per prevailing Bangladesh bank Guideline on the interest amount) is immediately transferred to the link account, as per the Interest Rate Matrix.
What is Fixed Deposit Plus?
Fixed Deposit Plus is a non-transactional account that gives interest and principal at maturity. Minimum amount required to open the FD Plus account is BDT 10,000. FD Plus can be opened for 89/150/360 days. Interest is paid on maturity, calculated at 360 days, as per the Interest Rate Matrix. This account is available on a roll over basis until the customer authorizes its closure. Government Tax as per prevailing Bangladesh bank Guideline shall apply to the interest amount.
What is Flexi Deposit Premium Scheme?
Flexi Deposit Premium Scheme is a non-transactional account that a customer uses for interest earning and savings purposes through monthly installment basis. Minimum amount required to open the FDPS account is BDT 500 and its multiples. FDPS can be opened for 1/2/3/4/5/6/7/8/9/10 years. Interest is accrued to the FDPS account on monthly basis. Interest (adjusting for Government tax as per prevailing Bangladesh bank Guideline on the interest amount) will be paid at maturity date, as per the Interest Rate Matrix.
Foreign Currency Account
What is Resident Foreign Currency Account (RFCD)?
Resident Foreign Currency Deposit (RFCD) Account is a foreign currency account. The fund in this account is kept as deposit. The account can be maintained in USD, GBP, or Euro. RFCD debit card is available in this account. This international debit card can be used worldwide at Visa ATMs for cash withdrawals, Visa enabled Point-of-Sales (POS) terminals for purchases and for online purchase (e-commerce) against US Dollar RFCD Account maintained with BRAC Bank. Any Resident Bangladeshi National, who has returned from travel abroad within the last 30 days, can open RFCD account as per Bangladesh Bank requirement. Any amount brought in with declaration to customs authorities and up to USD 5,000 or equivalent brought in without any declaration, can be credited to this account. However, proceeds of export of goods or services from Bangladesh or commission arising from business deals in Bangladesh cannot be credited to this account. This account cannot be opened in joint name. Interest in foreign exchange shall be payable on balances in such accounts if the deposits are for a term of not less than one month and the balance is not less than US $ 1000 or GBP 500 or its equivalent.
What is Non-Resident Foreign Currency Account (NFCD)?
Non-Resident Foreign Currency Deposit (NFCD) Account is an interest bearing foreign currency account. The accounts are kept in the nature of Term Deposits. The account can be maintained in USD, GBP, or Euro. The account does not have ATM or debit card facility. Bangladeshi nationals staying in another country and earning foreign currencies or after their return to Bangladesh within last six months can open NFCD account. Minimum amount required to open is USD 1000 or GBP 500 or equivalent currency in Euro. Foreign nationals and companies/firms registered and/or incorporated abroad, banks, other financial institutions including institutional investors and 100% foreign owned (A-Type) industrial units in the Export Processing Zones in Bangladesh, are also allowed to open and maintain NFCD accounts with the BRAC Bank authorized dealer branches. The minimum amount of time deposits in such cases should be USD 25,000 or its equivalent in GBP or Euro. The accounts are in the nature of term deposits maturing after one month, three months, six months and one year. In case of premature repayments, the interest amount will be forfeited. Interest on deposit of NFCD account is exempted from the tax payable under the Income Tax Act.
Non Funded Business
Travel Related Services (TRS):
Travel Related Services deals with the sale of Cash FCY against Individual’s Travel Quota and Medical File. This entitlement is for a Calendar Year i.e. from 1st January to 31st December.
As per Bangladesh Bank Guideline –
Travel Quota (For a Calendar Year)
USD 2000 or equivalent for SAARC Countries & Myanmar
USD 5000 or equivalent for Non SAARC Countries
Medical File Quota (For a Calendar Year)
USD 10,000 or equivalent (If patient requires more than USD 10,000 for treatment, Bangladesh Bank’s permission is required)
Required Travel Document for FCY Endorsement -
Valid Passport
Valid Visa
Air/ Bus Ticket (with return)
* Endorsement needs to be done within 2 weeks of departure i.e. one cannot endorse before 2 weeks of departure.
Required Documentation for Medical File -
Valid Passport with Visa (Parent’s Passport for Infant)
Photo copy of Air ticket/ Bus ticket (Original needs to be shown)
Invoice from prospective hospital
Recommendation letter from personal physician
Related medical documents (Prescriptions, Diagnosis Reports etc.)
Previous overseas medical treatment documentation (If any) & Proof of treatment (After return from abroad)
Fees & Charges –
FCY Endorsement Fee
BDT 200 + 15% VAT per passport for Account holders
BDT 500 + 15% VAT per passport for Non-Account holders
FCY Commission
1% of FCY sales amount + 15% VAT
Certificate of FCY Encashment (If required by the Customer only)
Account holder: BDT 200 + 15% VAT
Non-Account holder: BDT 300 + 15% VAT
FCY Encashment Charge
BDT 100 + 15% VAT for both A/C holder and Non-A/C holder
Medical File Opening Fee
BDT 2000 + 15% VAT
Education Related Services (ERS)
BRAC Bank ERS offers 'Student File' service, which eases educational related financial transactions abroad. Student File opening is a mandatory requirement set by Bangladesh Bank for Foreign Exchange transfer to other countries. Through opening Student File, educational related expenses can be remitted abroad.
Eligibility:
Students who have taken admission in regular courses such as undergraduate, post graduate, language course pre-requisite to bachelor degree & professional diploma/ certificate courses in recognized institutions abroad
Student Quota:
Education Cost & Living Cost as per estimate furnished by Foreign Institution/University and USD 200 or equivalent for transit expenses
Features of Student File
Easy transfer of Tuition Fess & Living expenses
Faster processing of Student File
Flexibility of Foreign Currency endorsement
One Stop Service at Student Service Center
Dedicated service desk in branches
Competitive exchange rate
Services offered:
Student File Opening
Foreign Demand Draft (FDD)/ Foreign Telegraphic Transfer (FTT) issuance for tuition fees
Documents required:
Valid Passport
Two Passport size photographs
Original Admission/Offer letter or I-20 (Applicable for USA Institutions) issued by the educational institution in favor of the student
Estimation of annual tuition fee, board and lodging, incidental expenses etc. issued by the concerned educational institution
Refund policy
All educational certificate and mark sheet (original needs to be shown at Branch)
Visa & confirmed ticket (Required to release the living cost)
Fees & Charges –
New Student File Maintenance Fees:
BDT 5000.00 + 15% VAT (for one year)
Renewal of Student File Maintenance Fees:
BDT 4000.00 + 15% VAT (for one year)
Foreign Demand Draft (FDD) Issue
BDT 1500.00 + 15% VAT
Foreign Telegraphic Transfer (FTT) Issue
BDT 1500.00 + 15% VAT
16221 +880 2 55668056 (Overseas Callers)
Complaint Cell
Head Office
Anik Tower
220/B Gulshan - Tejgaon Link Road,
Tejgaon i/A, Dhaka 1208
Risk Based Capital (Basel III)
Warning Against Illegal Forex Trading/ Dealing
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